Emotion and Bounded Rationality in Entrepreneurial Decision Making: An Interdisciplinary Approach

Abstract

This paper examines the decision making process of an entrepreneur in innovative marketing, and makes clear that emotions are critical factors in decision making at the entrepreneurial top management level. Over the past few decades, a considerable number of researches have been made on rationality and bounded rationality in decision making. However, what seems to be lacking is a sufficient consideration of emotional influences over the minds of a decision maker. This paper sheds some light on the emotional aspects of entrepreneurial decision making and explores the influence of intuition, courage, and wisdom on entrepreneurial decision making at the marketing and entrepreneurship interface.

Keywords: Emotion, Bounded Rationality, Decision Making, Entrepreneurship,Top management,

JEL Classification: D81, M13, M31